Press release
Plastic Coatings Market - growth, trends, covid-19 impact, and forecasts (2022 - 2030)
Plastic Coatings Market
Plastic Coatings Market – Overview
Plastic coating exhibits functional uses including corrosion inhibition, abrasion resistance, thermal resistance, chemical resistance, UV resistance, lubrication, mechanical property enhancement, surface finish, and esthetics. Moreover, overall application scope of plastic coatings covers automotive, oil & gas, building & construction, electronics, aerospace and defense. Among all automotive, building & construction and aerospace & defense are the major consumer of the plastic castings and are consistently providing the growth offerings. Over the past few years the global plastic coating market has been experiencing prolific demand and it is expected to grow significantly over the assessment period. Growth in this market is highly attributed to the plastic coatings are widely used in automobile industry for coating the battery trays, seat springs radiator grilles, brackets, door handles, filler pipes, and seat belt loops. In addition to this, increasing automotive production likely to provide healthy growth opportunities for key industry participants in this coming years. Although driven by aforementioned factors, the global demand for plastic coatings is inhibited by the huge impact on the environment due to VOC emissions.
Competitive Landscape
The report analyses the degree of competition among the industry players as well as industry growth and market scenario. Industry competition among the key market participants is observed as moderate to high. With consistent rise in demand for plastic coatings and increasing pressure from governmental bodies to reduce environmental impact, key industry participants are focusing on new product innovation. Some of the investment are also seen in the researches and development to innovate new product formulation, therefore, the overall industry competition is expected to rise in the coming years.
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Industry/ Innovation/ Related News:
November 23, 2017– DSM invests USD 18.12 million to expand capacity at Coating Resins plant in Meppen (Germany).DSM is a global science company active in health, nutrition and materials, announced it has invested USD 15 18.12 million for the expansion of its Coating Resins plant in Meppen, Germany. The facility is specialized in the production of liquid polyesters and other specialty resins. With this expansion, DSM Coating Resins reinforces its position in the can and coil coatings segment and ensures it remains fit for growth in the BPA-free market. The investment will enable greater supply flexibility, the ability to meet growing demand and improved stock management. The overall impact of this investment to be seen in coatings especially in plastic application and likely to drive its demand in automotive applications.
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August 17, 2017- Axalta Coating Systems completes the acquisition of Plascoat Systems Limited. a leading supplier of thermoplastic powder coatings, from its parent company, International Process Technologies (IPT) Ltd. Financial terms of the transaction were not disclosed. With this acquisition, production of dicumyl peroxide (DCP), an organic peroxide used as a crosslinking agent in the manufacture of polymers is increased by 40% at 38000 tons per years.
Jun 20, 2017 – One of the leading chemical industry player, BASF invests USD 40 million in automotive coatings in North America. The company expanding their automotive coatings production in North America with investments of nearly USD 40 million, this investment will adds capacity to the company’s production plants in Tultitlan and Mexico. Although the investment has made in automate paints, the overall impact of this investment expected to be seen in Plastic coatings as well. This is due to, Plastic coatings accounts for the substantial shares in overall automotive paints & coating application and this aforementioned investment could be the game changes in this market.
May 24, 2017 – The Dow Chemical Company announced to expand Plastic and coatings capacity in Saudi Arabia. As a part of their strategic expansion the company has signed agreement to construct a state-of-the-art manufacturing facility to produce a range of polymers for coatings. Moreover, Dow has been a long-term strategic partner in Saudi Arabia for nearly four decades and is the largest foreign investor in the country. This could be the added advantage for them and this may help them to strengthen their market position. The proposed Plastics investment will include constructing a fully-integrated slogans and high performance Plastics complex geared towards markets and industries such as home and personal care, automotive, high performance building and construction, solar energy, medical devices, and oil and gas.
January 1, 2017- Shin-Etsu Chemical announces to expand Plastics production capacity in the U.S. the company recently announced plans to expand the production capacity of its Akron, Ohio plant, Shin-Etsu Plastics of America (SESA), which is engaged in the manufacturing and sales of Plastics. The amount of this facility investment is USD 1.4 billion, and the expansion work is aimed for completion in the middle of 2019. As per the industry experts, the overall impact of this investment expected to drive the demand for Plastic coatings in the coming years.
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